Allspring Global Investments Holdings LLC Reduces Position in CVS Health Corporation (NYSE:CVS)

Allspring Global Investments Holdings LLC trimmed its holdings in CVS Health Corporation (NYSE:CVS) by 25.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 250,512 shares of the pharmacy operator’s stock after selling 85,177 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in CVS Health were worth $17,030,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Dodge & Cox boosted its stake in CVS Health by 11.2% during the fourth quarter. Dodge & Cox now owns 70,105,899 shares of the pharmacy operator’s stock worth $3,147,054,000 after buying an additional 7,075,209 shares during the last quarter. Capital World Investors raised its holdings in shares of CVS Health by 26.6% during the 4th quarter. Capital World Investors now owns 61,039,777 shares of the pharmacy operator’s stock worth $2,739,927,000 after acquiring an additional 12,819,148 shares during the period. Geode Capital Management LLC boosted its position in shares of CVS Health by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 27,051,540 shares of the pharmacy operator’s stock valued at $1,211,582,000 after acquiring an additional 689,867 shares during the last quarter. Capital International Investors grew its holdings in shares of CVS Health by 4.8% in the fourth quarter. Capital International Investors now owns 26,666,401 shares of the pharmacy operator’s stock valued at $1,196,989,000 after purchasing an additional 1,212,126 shares during the period. Finally, Pzena Investment Management LLC increased its position in CVS Health by 49.3% during the fourth quarter. Pzena Investment Management LLC now owns 19,610,579 shares of the pharmacy operator’s stock worth $880,319,000 after purchasing an additional 6,475,271 shares during the last quarter. 80.66% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at CVS Health

In related news, Director Guy P. Sansone purchased 1,570 shares of the business’s stock in a transaction on Thursday, June 5th. The shares were bought at an average price of $63.70 per share, for a total transaction of $100,009.00. Following the acquisition, the director directly owned 12,007 shares in the company, valued at $764,845.90. This trade represents a 15.04% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.22% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Jefferies Financial Group boosted their target price on shares of CVS Health from $74.00 to $80.00 and gave the company a “buy” rating in a report on Monday. Wells Fargo & Company reiterated an “overweight” rating and issued a $84.00 price objective (up from $76.00) on shares of CVS Health in a report on Tuesday, May 6th. UBS Group raised their target price on CVS Health from $67.00 to $71.00 and gave the stock a “neutral” rating in a research note on Friday, May 2nd. Truist Financial upped their price target on CVS Health from $82.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Finally, Piper Sandler raised their price objective on CVS Health from $72.00 to $74.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Two analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $75.06.

CVS Health Stock Down 4.3%

Shares of CVS opened at $66.62 on Thursday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.63 and a current ratio of 0.82. The stock has a market capitalization of $84.28 billion, a PE ratio of 15.90, a P/E/G ratio of 1.00 and a beta of 0.57. The company’s 50-day simple moving average is $65.03 and its 200-day simple moving average is $61.17. CVS Health Corporation has a 1 year low of $43.56 and a 1 year high of $72.51.

CVS Health (NYSE:CVS) last released its earnings results on Thursday, May 1st. The pharmacy operator reported $2.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.63. The company had revenue of $94.59 billion for the quarter, compared to analyst estimates of $93.07 billion. CVS Health had a net margin of 1.39% and a return on equity of 10.59%. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.31 EPS. Analysts forecast that CVS Health Corporation will post 5.89 earnings per share for the current fiscal year.

CVS Health Company Profile

CVS Health Corporation provides health solutions in the United States. It operates through Health Care Benefits, Health Services, and Pharmacy & Consumer Wellness segments. The Health Care Benefits segment offers traditional, voluntary, and consumer-directed health insurance products and related services.